Super funds MTAA Super and Tasplan have announced they will be known as Spirit Super after completion of their much-anticipated merger on 1 April 2021.
Spirit Super will be Australia’s newest Industry Super Fund and will have approximately $23 billion funds under management and approximately 326,000 members across Australia.
MTAA Super CEO Leeanne Turner said the new name perfectly represents the fund’s drive to be a national super fund that offers superior service, value, and member focus.
“What I love about Spirit Super is it captures the energy of what we’re about,” Turner said. “It’s fresh and optimistic and innovative — everything we want to be.”
“The new name also speaks to the past achievements of our funds,” Turner said. “MTAA Super and Tasplan are both outstanding funds and take great pride in providing historically strong long-term returns, excellent value and service to our members. As Spirit Super, we will have greater capacity to continue improving our products and service and to really embrace a member-first approach to everything we do.”
The merger follows a successful year for MTAA Super and Tasplan, with both funds receiving Platinum ratings by SuperRatings and being named ‘Best Value for Money’ funds for 2020.
“That’s what makes this merger so exciting,” Turner said. “This isn’t about a big fund absorbing a smaller fund. It’s about two successful funds coming together to get even better. It’s a true partnership that will provide a better super experience and outcomes to members across the nation.”
“With MTAA Super’s strong long-term performance history and Tasplan’s superior customer satisfaction rating and award-winning digital services, we are bringing the best of both worlds to Spirit Super.”
Turner was also pleased to announce a reduction in administration fees for all Spirit Super members.
“The details are being worked through, but there will be a drop in administration fees when Spirit Super kicks off. So right off the bat, members will start seeing the benefits of the merger.”
Tasplan Chair Naomi Edwards said the new fund name was an important milestone to mark in the merger process.
“Our name is our future, so it was important we embraced something our members could be proud of and inspired by. I think Spirit Super nails it. Importantly, our name will also set us apart in the market. This will help us grow, compete, and continue pursuing opportunities in the best interests of our members.”